Banca Naţională a României

At end-August 2004, broad money (M2) came in at ROL 548,392 billion, up 4.4 percent in nominal terms, or 3.9 percent in real terms versus July. In year-on-year comparison, broad money climbed by 34.6 percent, or 19.8 percent in real terms.

Net foreign assets advanced by 5.1 percent to ROL 322,301 billion month on month, due to the 6 percent pick-up under "Convertible currencies" and the "Gold" component remaining unchanged.

Net domestic assets moved 3.5 percent higher to ROL 226,091 billion. Domestic credit rose by 3.5 percent to ROL 348,290 billion and the negative balance under other net assets, widened by 3.4 percent to ROL 122,200 billion.

In August, non-government credit went up 3.7 percent, or 3.2 percent in real terms, to ROL 380,915 billion, as a result of the 2.2 percent rise in ROL-denominated loans and the 4.7 percent growth in foreign exchange-denominated loans (5 percent when expressed in EUR). In year-on-year comparison, non-government credit jumped by 54.6 percent (37.5 percent in real terms) on the back of the 42.7 percent leap in ROL-denominated loans (27 percent in real terms) and the 63.5 percent expansion in foreign exchange denominated-loans expressed in ROL (when expressed in EUR, forex denominated-loans rose by 48.6 percent).

Government credit, net, posted a negative balance of ROL 32,625 billion (compared with ROL 30,616 billion in July), due mainly to the increase in deposits with the General Account of the Treasury.

Narrow money (M1) moved 6.5 percent ahead in nominal terms to ROL 140,492 billion on the back of the 2.7 percent growth in currency outside banks (to ROL 75,283 billion) and the 11.3 percent increase in demand deposits (to ROL 65,209 billion).

Quasi-money went up 3.7 percent in nominal terms to reach ROL 407,900 billion. Household savings crept up 2.2 percent to ROL 122,397 billion, accounting for 22.3 percent of broad money. Household savings rose year over year by 28.9 percent, or 14.6 percent in real terms.

Corporate deposits in ROL rose by 9.3 percent in nominal terms to ROL 96,385 billion. Time deposits picked up 12.3 percent to ROL 62,480 billion, restricted deposits edged up 2.9 percent to ROL 13,482 billion and certificates of deposit grew by 4.8 percent to ROL 20,423 billion. Corporate deposits in ROL leapt year on year by 74.4 percent, or 55.1 percent in real terms.

Forex deposits of residents (including households), when expressed in ROL, advanced 2.1 percent in nominal terms to ROL 189,118 billion (when expressed in EUR, forex deposits amounted to EUR 4,615 million). Household forex deposits with banks edged up one percent to ROL 97,191 billion (when expressed in EUR, household deposits grew by 1.2 percent, the equivalent of EUR 2,372 million). Corporate deposits in foreign exchange advanced by 3.3 percent to ROL 82,177 billion (when expressed in EUR, they stood 3.6 percent higher at EUR 2,005 million). In year-on-year comparison, when expressed in EUR, forex deposits of residents, household deposits, and corporate forex deposits climbed by 9.4 percent, 11.6 percent, and 8.4 percent, respectively.

At end-August 2004, non-banks held government securities worth ROL 71,813 billion (6.5 percent higher month on month), of which foreign exchange-denominated securities to the equivalent of EUR 177 million, up 7.3 percent from July.